Euronet Worldwide ups revolver to $1.25 billion, extends to 2027

By Mary-Katherine Stinson

Lexington, Ky., Oct. 25 – Euronet Worldwide, Inc. increased its revolving credit facility to $1.25 billion from $1.03 billion on Monday with a syndicate of domestic and international financial institutions and extended the maturity date by approximately four years, according to a press release and an 8-K filing with the Securities and Exchange Commission.

The facility now matures Oct. 24, 2027, extended from its previous maturity date of Oct. 17, 2023.

There is a $250 million sublimit for letters of credit with $150 million already committed, a $75 million sublimit for dollar-denominated swingline loans and a $75 million sublimit for swingline loans made in euros or sterling.

Euronet has the option to increase the credit facility up to $500 million by requesting additional commitments from existing or new lenders.

The amended facility also transitions the benchmark interest rate to the recommended replacement benchmark for each applicable currency from Libor.

Fees and interest on borrowings vary based upon the company's corporate credit rating and will be based, in the case of letter of credit fees, on a margin, and in the case of interest, on SOFR plus a margin ranging from 100 basis points to 162.5 bps.

Initially the margin will be 107.5 bps with an initial 17.5 bps facility fee based on the company’s current credit rating.

All other terms remain substantially the same as the existing credit facility.

Bank of America, NA is the administrative agent.

Wells Fargo Bank, NA and U.S. Bank NA are the syndication agents.

Serving as documentation agents are Fifth Third Bank, NA, Keybank NA and Royal Bank of Canada.

BofA Securities, Inc., Wells Fargo Securities LLC and U.S. Bank NA were joint lead arrangers and joint book managers.

Fifth Third Bank, NA, Keybank NA and RBC Capital Markets, LLC also joined as joint lead arrangers.

Euronet Worldwide is a Leawood, Kan.-based provider of electronic payment services.

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